{{Short description|Largest drilling rig contractor in Canada}} {{Use Canadian English|date = March 2020}} {{Use mdy dates|date = March 2020}} {{Infobox company | name = Precision Drilling Corporation | logo = Precision Drilling (logo).png | type = Public | genre = Oilfield services company | traded_as = {{TSX|PD}} {{NYSE|PDS}} | industry = Oil Well Services | founded = 1951 | location = Calgary, Alberta, Canada | key_people = CEO: Carey P. Ford | products = Oil field services and rentals | revenue = $1.93 billion CAD (2023)<ref>{{Cite web |title=2023 Annual Information Form |url=https://s3.amazonaws.com/b2icontent.irpass.cc/2738/193163.pdf |publisher=Precision Drilling Corporation |date=2024-03-04 |accessdate=2024-04-09}}</ref> | num_employees = 4,469 (2019)<ref name=2019annualinfo>{{Cite web |title=2019 Annual Information Form |url=https://s2.q4cdn.com/639056707/files/doc_financials/2019/ar/2019-Annual-Information-Form.pdf |publisher=Precision Drilling Corporation |date=2020-03-09 |accessdate=2020-03-10}}</ref> | website = {{URL|www.precisiondrilling.com}} }} '''Precision Drilling Corporation ''' is the largest drilling rig contractor in Canada, also providing oil field rental and supplies.
==History==
Precision Drilling Ltd. was founded in 1951.<ref name=corphistory>{{Cite web |title=Our History |url=https://www.precisiondrilling.com/about-us/our-history/default.aspx |publisher=Precision Drilling |archiveurl=https://web.archive.org/web/20181203175838/https://www.precisiondrilling.com/about-us/our-history/default.aspx |archivedate=2018-12-03 |accessdate=2020-03-09}}</ref>
In 1987, Precision Drilling was acquired by Cypress Drilling, led by president Hank Swartout, in a reverse takeover which left the company with a fleet of 19 rigs.<ref name="swartout">{{Cite web |last=Stastny |first=R.P. |title=Precision Founder Hank Swartout One Of The Defining Personalities In Canadian Drilling |url=https://www.dailyoilbulletin.com/article/2018/11/6/precision-founder-hank-swartout-one-of-the-definin/ |publisher=Daily Oil Bulletin |date=2018-11-06 |accessdate=2020-03-09}}</ref> Swartout led the company through extensive growth until his retirement in 2007.<ref>{{Cite news |title=Precision Drilling's Swartout to retire |url=https://www.theglobeandmail.com/report-on-business/precision-drillings-swartout-to-retire/article1075551/ |newspaper=Globe and Mail |location=Calgary |date=2007-05-08 |accessdate=2020-03-09}}</ref>
In 2005, Precision sold its energy services and international contract-drilling divisions to Weatherford International for $2.28 billion<ref>{{Cite news |title=Weatherford to Buy Two Oil Drilling Units |url=https://www.nytimes.com/2005/06/07/business/worldbusiness/weatherford-to-buy-two-oil-drilling-units.html |newspaper=New York Times |page=C8 |date=2005-06-07 |accessdate=2020-03-09}}</ref> and reorganized as an income trust.<ref name="swartout"/><ref name="trust">{{Cite web |author=Precision Drilling Corporation |title=Precision Drilling to Reorganize into an Income Trust |url=https://www.rigzone.com/news/oil_gas/a/25073/precision_drilling_to_reorganize_into_an_income_trust/ |publisher=Rigzone |date=2005-09-07 |accessdate=2020-03-09}}</ref> Precision converted from an income trust back to a corporation in 2010.<ref name="corp">{{Cite news |title=Precision Drilling to convert to corporation |url=https://www.theglobeandmail.com/globe-investor/precision-drilling-to-convert-to-corporation/article1212550/ |newspaper=Globe and Mail |location=Calgary |date=2010-02-12 |accessdate=2020-03-09}}</ref>
In 2008, Precision acquired its US rival Grey Wolf Inc. for $2 billion,<ref>{{Cite news |title=Canada's Largest Drilling Company to Buy a U.S. Rival |url=https://www.nytimes.com/2008/08/26/business/worldbusiness/26mine.html |newspaper=New York Times |page=C7 |agency=Reuters |date=2008-08-26 |accessdate=2020-03-09}}</ref> a merger which expanded its rig count in the US, which it had largely left in 2005, over tenfold.<ref>{{Cite web |title=4th time lucky as Precision Drilling acquires Grey Wolf |url=https://www.cbc.ca/news/business/4th-time-lucky-as-precision-drilling-acquires-grey-wolf-1.708711 |publisher=CBC News |agency=Canadian Press |date=2008-08-25 |accessdate=2020-03-09}}</ref> The acquisition led to financial difficulties which led to a $330M CAD investment by the Alberta Investment Management Corporation (AIMCo) in 2009,<ref>{{Cite news |last=Cattaneo |first=Claudia |title=Alberta boost for Precision is investment, not aid: AIMCo |url=http://www.edmontonjournal.com/Alberta+boost+Precision+investment+AIMCo/1514986/story.html |newspaper=Edmonton Journal |agency=Financial Post |date=2009-04-20 |accessdate=2020-03-09}}</ref> characterized by ''Maclean's'' as a bailout.<ref name="bailout">{{Cite news |title=Alberta government takes major stake in Precision Drilling |url=https://www.macleans.ca/general/alberta-government-takes-major-stake-in-precision-drilling/ |magazine=Maclean's |date=2009-04-20 |accessdate=2020-03-09}}</ref> AIMCo divested its stake in 2013.<ref>{{Cite news |last=Ratner |first=Jonathan |title=Precision Drilling upgraded after AIMCo sell-off |url=https://business.financialpost.com/investing/trading-desk/precision-drilling-upgraded-after-aimco-sell-off |newspaper=Financial Post |date=2013-12-09 |accessdate=2020-03-09}}</ref>
In 2018, Precision attempted to purchase Trinidad Drilling with over $1B CAD of shares as a white knight, opposing the cash bid of competitor Ensign Energy Services, however a drop in Precision's share price and thus bid value resulted in Ensign's bid prevailing.<ref>{{Cite news |last=Morgan |first=Geoffrey |title=Precision demands $20M in break fee from Trinidad Drilling as rival wins hostile bid |url=https://business.financialpost.com/commodities/energy/precision-demands-20m-in-break-fee-from-trinidad-drilling-as-rival-ensigns-hostile-bid-prevails |newspaper=Financial Post |date=2018-11-27 |accessdate=2020-03-09}}</ref>
In September 2019, amid a difficult energy sector in Alberta, Precision Drilling Corporation's share price fell below the required minimum for the S&P/TSX Composite Index and was removed from the index.<ref>{{Cite news |last=Kury de Castillo |first=Carolyn |title=Precision Drilling among 7 Calgary-based companies dropped from S&P/TSX composite index |url=https://globalnews.ca/news/5950829/calgary-companies-alberta-dropped-sp-tsx-market-index/ |publisher=Global News |date=2019-09-25 |accessdate=2020-03-10}}</ref>
In July 2022, Precision Drilling acquired High Arctic Energy Services Inc.'s welling services and rental divisions for $29.3 million. <ref>{{Cite web |title=Precision Drilling Rises on Acquisition of High Arctic's Well-Servicing, Rentals Divisions |url=https://www.marketwatch.com/story/precision-drilling-rises-on-acquisition-of-high-arctic-s-well-servicing-rentals-divisions-271658156918 |access-date=2022-07-20 |website=MarketWatch |language=EN-US}}</ref>
==Global fleet== In December 2023, Precision had 97 land drilling rigs in Canada (25% of total 386), 104 in the US (9% of total Super-Spec land drilling rigs), and 13 among Kuwait, Saudi Arabia, Iraqi Kurdistan, and Georgia.<ref>{{Cite web |date=4 March 2024 |title=2023 Annual Information Form |url=https://s3.amazonaws.com/b2icontent.irpass.cc/2738/193163.pdf |access-date=4 April 2024 |website=Precision Drilling Corporation}}</ref>
==See also== * List of oilfield service companies
== References == {{reflist}}
==External links== *{{official website|www.precisiondrilling.com}}
{{Land Drilling}} {{Authority control}}
Category:Oilfield services companies Category:Oil companies of Canada Category:Companies based in Calgary Category:Non-renewable resource companies established in 1969 Category:1969 establishments in Alberta Category:2010 Copiapó mining accident Category:Companies listed on the Toronto Stock Exchange Category:Companies listed on the New York Stock Exchange